The fim had us$ 12.3 billion in long-term debt as of June 30
MGM Mirage buys more time to repay debt
(US).- The casino and hotel operator offered to exchange part of its us$ 780 million senior notes due next year for up to us$ 500 million in senior notes due 2016. The exchange offer expires on September 24 unless extended.
2009-08-31
Reading time 22 seg
MGM posted a us$ 212.6 million loss in the second quarter and had us$ 12.3 billion in long-term debt as of June 30. Still, according to one analyst, the move is hardly an a desperate, all-or-nothing bet.
"By our calculations, MGM is not in any danger of breaking its debt covenants in 2010, so this is not a desperation move of any sort," Janet Brashear of Bernstein Research wrote in a note.
"We believe that management is being prudent by providing a greater cushion or margin of safety with respect to its 2010 cash obligations," Brashear added.
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